Horizon Bank Reports Record Q1 Profit
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Michigan City-based Horizon Bancorp Inc. (Nasdaq: HNBC) is reporting record first quarter net income of $23.6 million, up from $20.4 million during the same period last year. The bank says the results are attributed to an increase in net interest income and a decrease in credit loss expense.
“The intentional build out of Horizon’s lending teams, technology, durable customer relationships, and low–cost Midwest deposit franchise is reflected in the Company’s first quarter loan growth, higher fees and pre–tax, pre–provision net income, and record earnings,” said Chief Executive Officer Craig Dwight. “We believe our asset sensitive balance sheet, strong credit quality and scalable business model will continue to provide an excellent foundation for organic growth in commercial and consumer lending, revenue and profits, along with incremental improvement in operating leverage through 2022.”
Despite nationwide wage inflation and operating costs from its branch acquisition last fall, Dwight says the bank’s scalable and technology–enabled model, as well as its expense management, has enabled it to achieve its target results.
Last year, Horizon acquired 14 branches in Michigan from The Huntington National Bank (Nasdaq: HBAN).
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